BMC Fund NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-03150

BMC FUND, INC.

(Exact name of registrant as specified in charter)

800 HICKORY BLVD. SW

LENOIR, NC 28645

(Address of principal executive offices) (Zip code)

WENDY SIMS

BMC FUND, INC.

800 HICKORY BLVD. SW

LENOIR, NC 28645

(Name and address of agent for service)

Registrant's telephone number including area code: 828-758-6100

Date of fiscal year end: October 31, 2021

Date of reporting period: April 30, 2021

Item 1. Report to Stockholders.

BMC FUND, INC.

FINANCIAL STATEMENTS AND

SUPPLEMENTARY INFORMATION

(UNAUDITED)

Six Months Ended April 30, 2021

BMC FUND, INC.

TABLE OF CONTENTS

		Page No.

Letter to Shareholders		1

Graphic Presentation of Portfolio Holdings and Sector Diversification		2

Schedule of Investments		3

Schedule of Open Written Option Contracts		18

Statement of Assets and Liabilities		19

Statement of Operations		20

Statements of Changes In Net Assets		21

Financial Highlights		22

Notes to Financial Statements		23

Directors and Officers		32

Additional Information		35

BMC FUND, INC.

LETTER TO SHAREHOLDERS

Six Months Ended April 30, 2021 (Unaudited)

TO OUR SHAREHOLDERS:

We are happy to present to you our semi-annual report (unaudited) for the six months ended April 30, 2021, which we believe contains complete and pertinent financial information.

BMC Fund, Inc. (the “Fund”) became a Regulated Investment Company (“RIC”) on April 1, 1981. During the six months ended April 30, 2021, the Fund paid the following dividends per share:

December 10, 2020 to shareholders of record November 25, 2020	$	.25
March 10, 2021 to shareholders of record February 25, 2021		.25

Total	$	.50

The attached Schedule of Investments is a listing of the entire Fund’s diversified securities at April 30, 2021, with a total market value of $109,888,520.

M. Hunt Broyhill

Chairman and President

BMC FUND, INC.

GRAPHIC PRESENTATION OF PORTFOLIO HOLDINGS AND

SECTOR DIVERSIFICATION

Six Months Ended April 30, 2021 (Unaudited)

BMC FUND, INC.
SCHEDULE OF INVESTMENTS (Unaudited)
April 30, 2021

		Coupon											Percent
		Interest			Maturity		Face				Market		of Net
Debt Issuer		Rate			Date		Amount		Cost		Value		Assets

FIXED INCOME:
CORPORATE BONDS:
BRINKER INTL INC			3.875	%		5/15/2023		100,000		99,320		102,125
INGLES MKTS INC			5.750	%		6/15/2023		112,000		82,162		82,795
VOYA FINANCIAL INC			5.650	%		5/15/2053		150,000		150,000		160,875
LINCOLN NATL CORP IND			4.997	%		5/17/2066		125,000		94,860		107,500
FPL GROUP CAP INC			6.350	%		10/1/2066		586,000		562,772		540,585
PP&L CAP FUNDING FLT RATE			5.051	%		3/30/2067		500,000		500,000		467,451
WISCONSIN ENERGY			4.728	%		5/15/2067		250,000		241,428		228,133
TRANSCANADA PIPELINES LTD			6.350	%		5/15/2067		250,000		198,914		204,592
JP MORGAN CHASE CAP XXIII	⁵		3.700	%		5/15/2077		250,000		233,038		217,738
BUCKEYE PARTNERS LP			6.375	%		1/22/2078		450,000		336,860		369,000
LEHMAN BROTHERS HLDGS NIKKEI INDEX	^1,2,3		0.000	%		9/29/2008		3,000,000		1,607,047		-
LEHMAN BROTHERS HLDGS EAFE INDEX	^1,2,3		0.000	%		11/15/2008		1,000,000		527,358		-
LEHMAN BROTHERS HLDGS MEDIUM TERM NOTE	^1,2,3		0.000	%		3/15/2011		2,500,000		1,338,001		-
								9,273,000		5,971,760		2,480,794	2.21	%
MUNICIPAL BONDS:
VIRGIN ISLANDS PUB FIN AUTH			6.625	%		10/1/2029		100,000		87,973		100,812
VIRGIN ISLANDS PUB FIN AUTH			6.750	%		10/1/2037		1,200,000		1,005,349		1,209,744
								1,300,000		1,093,322		1,310,556	1.17	%


TOTAL INVESTMENTS IN FIXED INCOME							$	10,573,000	$	7,065,082	$	3,791,350	3.38	%

BMC FUND, INC.

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

April 30, 2021

				Percent
	Shares		Market	of Net
Company Name	Held	Cost	Value	Assets

MUTUAL FUNDS:
BOND MUTUAL FUNDS:
FPA NEW INCOME INC COM	10,000.00	100,000	100,100
DOUBLELINE TOTAL RETURN BOND I	129,763.65	1,439,365	1,365,114
PIMCO FDS INCOME FUND INSTL	128,944.70	1,500,000	1,555,073
TOTAL BOND MUTUAL FUNDS		3,039,365	3,020,287	2.70	%

STOCK MUTUAL FUNDS:

INTERNATIONAL EQUITIES
Diversified Emerging Markets
PZENA EMERGING MARKETS VALUE FUND INST	47,531.27	500,000	597,468
		500,000	597,468	0.53	%

TOTAL INTERNATIONAL EQUITIES		500,000	597,468	0.53	%

SPECIALTY FUNDS
Conservative Allocation
VANGUARD WELLESLEY INCOME INV	20,045.04	422,892	581,507	0.52	%

Diversified Emerging Markets
VANGUARD EMERGING MARKETS SEL STK INV SHRS	22,255.64	500,000	634,063	0.57	%

Large Cap Blend
COOK & BYNUM FUND	65,145.23	1,000,000	889,884	0.79	%

Mid Cap Blend
AKRE FOCUS FUND INSTL	5,590.87	128,758	342,273	0.31	%

BMC FUND, INC.

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

April 30, 2021

							Percent
		Shares				Market	of Net
Company Name		Held		Cost		Value	Assets

MUTUAL FUNDS:
Moderate Allocation
FPA CRESCENT PORTFOLIO		49,409.16		1,525,303		2,022,317	1.80	%

Precious Metals
ISHARES SILVER TRUST	3	23,802.00		399,993		571,486
SPDR GOLD SHARES	3	5,000.00		486,825		828,300
VANECK VECTORS GOLD MINERS		10,832.00		277,635		372,187
				1,164,453		1,771,973	1.58	%

Utilities
UTIL SELECT SECTOR SPDR ET		11,000.00		357,288		733,920	0.65	%

TOTAL SPECIALTY FUNDS				5,098,694		6,975,937	6.23	%

TOTAL STOCK MUTUAL FUNDS				5,598,694		7,573,405	6.76	%

TOTAL INVESTMENTS IN MUTUAL FUNDS			$	8,638,059	$	10,593,692	9.45	%

BMC FUND, INC.
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
April 30, 2021

					Market		Percent of
Company Name		Cost			Value		Net Assets

OTHER INVESTMENTS:

LIMITED PARTNERSHIPS:
BAM CREDIT OPPORTUNITIES FUND	2, 3		1,000,000			994,627
ELLIOTT ASSOCIATES LP CL B	2, 3		3,000,000			7,729,627
GRAHAM INSTITUTIONAL PARTNERS LP	2, 3		2,365,123			2,639,495
GREENLIGHT MASTERS QUALIFIED LP	2, 3		500,000			2,572,181
INFINITY PREMIER FUND, LP	2, 3		1,500,000			2,761,176
LITESPEED PARTNERS, LP	2, 3		664,400			1,566,523
MORROCROFT SPECIAL OPPORTUNITY FUND II, LP	2, 3		-			51,367
MUDRICK DISTRESSED OPPORTUNITY DRAWDOWN FUND II, L.P.	2, 3		3,496,363			4,821,108
OAKTREE ENHANCED INCOME FUND II, LP	2, 3		(35,330	)		23,348
OLD WELL EMERGING MARKETS FUND	2, 3		1,000,000			1,535,372
PRIVET FUND LP	2, 3		1,000,000			1,532,105
SEGRA RESOURCE ONSHORE PARTNERS, LP	2, 3		250,000			589,036
SJC ONSHORE DIRECT LENDING FUND IV - 5 YEAR, L.P.	2, 3		985,535			1,022,375
STARK INVESTMENTS LP	2, 3		22,609			58,514
VIRGO SOCIETAS III (ONSHORE) LP	2, 3		970,119			1,713,704
WALNUT INVESTMENT PARTNERS	2, 3		235,567			-
WORLDWIDE OPPORTUNITY FUND (CAYMAN) LTD. CL A-A46	2, 3		2,000,000			2,331,762
TOTAL LIMITED PARTNERSHIPS			18,954,386			31,942,320	28.51	%

TOTAL OTHER INVESTMENTS		$	18,954,386		$	31,942,320	28.51	%

BMC FUND, INC.
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
April 30, 2021

								Percent
Sectors and	Shares		Company Name			Market		of Net
Industries	Held			Cost		Value		Assets

COMMON STOCKS:

COMMUNICATION SERVICES
Communication Services		12,000.00	AT&T CORP COM		348,802		376,920
		4,500.00	BCE INC COM		191,785		212,625
		2,000.00	SK TELECOM LTD SPONSORED A		27,904		60,080
		10,000.00	TELEFONICA BRASIL S.A.		144,120		79,300
		7,062.00	TELEFONICA S A SPONSORED ADR		110,736		33,121
		6,500.00	VODAFONE GROUP		169,802		123,175
					993,149		885,221		0.79	%

Media and Entertainment		1,151.00	ALPHABET INC CAP STK CL C		705,824		2,774,048
		700.00	FACEBOOK INC CL A		117,131		227,556
		250.00	GRAHAM HOLDINGS CO COM CL B		102,330		158,902
		6,155.00	MADISON SQUARE GRDN EN CL		523,839		557,705
		33,150.00	MSG NETWORK INC CL A		549,620		526,091
					1,998,744		4,244,302		3.79	%

TOTAL COMMUNICATION SERVICES					2,991,893		5,129,523		4.58	%


CONSUMER DISCRETIONARY
Consumer Discretionary		500.00	WHIRLPOOL CORP COM		55,842		118,225
					55,842		118,225		0.11	%

Consumer Durables & Apparel		55.00	NVR INC COM		267,491		275,996
					267,491		275,996		0.25	%

Hotels, Restaurants & Leisure		1,500.00	CAESARS ENTERTAINMENT COM		121,293		146,760
		1,980.00	STARBUCKS CORPORATION		125,730		226,690
					247,023		373,450		0.33	%

Media & Entertainment		1,330.00	THE WALT DISNEY COMPANY		145,582		247,407
					145,582		247,407		0.22	%

BMC FUND, INC.
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
April 30, 2021

			��
									Percent
Sectors and	Shares		Company Name				Market		of Net
Industries	Held				Cost		Value		Assets

COMMON STOCKS:
Retailing		5,000.00	QURATE RETAIL INC COM SER			51,275		59,500
						51,275		59,500		0.05	%

Specialty Retail		500.00	GENUINE PARTS CO COM			47,272		62,485
						47,272		62,485		0.06	%

TOTAL CONSUMER DISCRETIONARY						814,485		1,137,063		1.01	%

CONSUMER STAPLES

Discount Stores		900.00	DOLLAR GEN CORP COM			63,635		193,275
		4,665.00	DOLLAR TREE INC COM	3		369,771		536,008
						433,406		729,283		0.65	%

Food & Staples Retailing		2,500.00	KROGER CO COM			78,875		91,350
		1,500.00	WAL-MART STORES INC COM			193,790		209,865
						272,665		301,215		0.27	%

BMC FUND, INC.
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
April 30, 2021


								Percent
Sectors and	Shares		Company Name			Market		of Net
Industries	Held			Cost		Value		Assets

COMMON STOCKS:
Food, Beverage & Tobacco		50,265.00	ALTRIA GROUP INC COM		2,160,828		2,400,154
		218,200.00	AMBEV SA SPONSORED ADR		496,970		606,596
		16,000.00	ANHEUSER-BUSCH INBEV SA/NV		1,089,597		1,135,360
		2,000.00	COCA COLA CO COM		95,569		107,960
		14,495.00	COCA COLA FEMSA S A B SPON		646,222		680,830
		1,500.00	CONSTELLATION BRANDS CL A		136,078		360,480
		8,260.00	FOMENTO ECONOMICO MEXI SPO		560,025		640,150
		500.00	GENERAL MILLS INC COM		20,240		30,430
		13,745.00	PHILIP MORRIS INTL COM		1,019,125		1,305,775
					6,224,654		7,267,735		6.49	%

Household & Personal Products		2,500.00	KIMBERLY CLARK CORP COM		339,817		333,300
		275.00	PROCTER & GAMBLE CO COM		18,418		36,690
					358,235		369,990		0.33	%

TOTAL CONSUMER STAPLES					7,288,960		8,668,223		7.74	%

ENERGY
Energy		2,500.00	BP PLC SPONSORED ADR		98,185		62,900
		2,800.00	CHEVRON CORP		296,043		288,596
		5,404.00	EXXON MOBIL CORP COM		319,463		309,325
		5,800.00	OCCIDENTAL PETROLEUM COM		423,410		147,088
		5,000.00	PHILLIPS 66 COM		534,807		404,550
		3,200.00	RENEWABLE ENERGY GROUP COM		234,399		177,664
		3,000.00	ROYAL DUTCH SHELL ADR A		195,460		114,000
		2,000.00	ROYAL DUTCH SHELL ADR B		91,109		71,620
		3,000.00	SUNCOR ENERGY INC COM		95,203		64,260
		9,000.00	SUNOCO INC COM		215,850		315,900
		8,000.00	VALERO ENERGY CORP COM STK		586,371		591,680
					3,090,300		2,547,583		2.27	%

BMC FUND, INC.
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
April 30, 2021

								Percent
Sectors and	Shares		Company Name			Market		of Net
Industries	Held			Cost		Value		Assets

COMMON STOCKS:
Natural Resources		3,500.00	OASIS MIDSTREAM PARTNERS COM		64,813		73,360
					64,813		73,360		0.07	%

Pipelines		3,500.00	DELEK LOGISTICS PARTNERS LP		103,142		145,600
		11,999.00	ENBRIDGE INC		390,852		462,801
		12,800.00	ENERGY TRANSFER PARTNERS LP		234,907		110,208
		10,000.00	ENTERPRISE PRODUCTS PARTNERS LP		289,870		230,100
		5,000.00	GREEN PLAINS PARTNERS COM		102,799		59,400
		3,000.00	HOLLY ENERGY PARTNERS		86,820		37,200
		2,000.00	KNOT OFFSHORE PARTNERS COM		41,752		93,540
		2,000.00	MAGELLAN MIDSTREAM PARTNERS, LP		120,307		61,410
		3,500.00	MPLX LP COM UNIT REP LTD		110,582		94,465
		7,500.00	USA COMPRESSION PARTNERS COM		125,969		109,875
					1,607,000		1,404,599		1.25	%

TOTAL ENERGY					4,762,113		4,025,542		3.59	%

BMC FUND, INC.
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
April 30, 2021

									Percent
Sectors and	Shares		Company Name				Market		of Net
Industries	Held				Cost		Value		Assets

COMMON STOCKS:
FINANCIALS
Banks		5,000.00	BANK OF AMERICA CORP COM			96,603		202,650
		3,000.00	PACWEST BANCORP DEL COM			148,845		130,230
		300.00	SVB FINANCIAL GROUP COM			102,165		171,549
		7,500.00	TRUIST FINANCIAL CORP COM			303,297		444,825
						650,910		949,254		0.85	%

Diversified Financials		6,000.00	ALLIANCE BERNSTEIN HLDG UN			179,730		258,660
		2,500.00	ANNALY CAP MGMT INC COM			41,062		22,700
		3,500.00	BERKSHIRE HATHAWAY INC CL B	3		387,075		962,325
		23,000.00	BLACKSTONE GROUP LP COM			710,384		2,035,270
		13,000.00	BLACKSTONE MTG TR INC COM			415,992		422,370
		13,075.00	CAPITALA FINANCE CORP COM			1,363,703		256,924
		8,000.00	CARLYLE GROUP LP COM			194,150		341,280
		800.00	CME GROUP			129,728		161,592
		5,000.00	COMPASS DIVERSIFIED HOLDINGS			68,434		127,200
		16,042.00	GOLUB CAPITAL BDC INC COM			226,471		251,218
		1,000.00	INTERNCONTINENTAL EXCHANGE COM			74,845		117,710
		1,000.00	MORGAN STANLEY COM NEW			49,351		82,550
		5,000.00	NEW YORK MTG TR INC COM PA			35,055		22,950
		150.00	QURATE RETAIL INC NT CAL 3			-		15,690
		12,700.00	STARWOOD PPTY TR INC COM			280,188		327,914
		2,000.00	VIRTU FINL INC CL A			56,931		59,260
						4,213,099		5,465,613		4.88	%

Insurance		1,500.00	AON PLC SHS CL A			121,687		377,160
		5,000.00	OLD REP INTL CORP COM			84,276		123,100
		2,000.00	PROGRESSIVE CORP OHIO			188,910		201,480
		2,500.00	TRAVELERS COMPANIES COM			203,356		386,650
		5,000.00	ZURICH INS GROUP LTD SPONS ARD			148,815		205,550
						747,044		1,293,940		1.15	%
TOTAL FINANCIALS						5,611,053		7,708,807		6.88	%

BMC FUND, INC.
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
April 30, 2021

									Percent
Sectors and	Shares		Company Name				Market		of Net
Industries	Held				Cost		Value		Assets

COMMON STOCKS:
HEALTH CARE
Health Care Equipment & Services		3,000.00	DAVITA HEALTHCARE PART COM	3		196,152		349,590
		7,000.00	HOLOGIC INC COM	3		319,008		458,850
		3,550.00	LABORATORY CORP AMER HLDGS	3		420,439		943,838
		5,500.00	MCKESSON CORP COM			718,504		1,031,580
		4,000.00	QUEST DIAGNOSTICS INC COM			284,804		527,520
		300.00	QUEST DIAGNOSTICS INC COM			63,754		31,437
		600.00	STRYKER CORP			112,156		157,578
						2,114,817		3,500,393		3.12	%

Pharmaceuticals & Biotechnology		3,500.00	ABBVIE INC			310,988		390,250
		1,000.00	AMGEN INC COM			222,683		239,640
		10,000.00	ASTRAZENECA PLC SPONSORED			235,531		530,700
		25,000.00	BAYER A G SPONSORED ADR			418,325		404,750
		1,500.00	BRISTOL MYERS SQUIBB CO CO			86,655		93,630
		2,592.00	ELI LILLY & CO COM			114,185		473,740
		3,500.00	GILEAD SCIENCES INC COM			259,707		222,145
		500.00	IQVIA HOLDINGS INC COM			49,545		117,345
		3,000.00	MERCK & CO INC COM			224,002		223,500
		4,000.00	PFIZER INC COM			143,040		154,600
		1,000.00	SEATTLE GENETICS INC COM			49,131		143,760
		62.00	VIATRIS INC COM			630		825
						2,114,422		2,994,885		2.67	%

Specialty Retail		2,000.00	PETMED EXPRESS INC COM			70,200		58,850
						70,200		58,850		0.05	%

BMC FUND, INC.
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
April 30, 2021

									Percent
Sectors and	Shares		Company Name				Market		of Net
Industries	Held				Cost		Value		Assets

COMMON STOCKS:
TOTAL HEALTH CARE						4,299,439		6,554,128		5.85	%

INDUSTRIALS
Capital Goods		1,500.00	3M COMPANY			222,931		295,710
		4,000.00	ABB LTD SPONSORED ADR	3		100,795		129,720
		515.00	LOCKHEED MARTIN CORP COM			180,322		195,988
		1,500.00	STURM RUGER & CO INC COM			109,373		97,410
						613,421		718,828		0.64	%

Commercial Services & Supplies		500.00	WASTE MGMT INC DEL COM			17,412		68,985
						17,412		68,985		0.06	%

Transportation		500.00	EXPEDITORS INTL OF WASHINGTON COM			44,448		54,930
		6,000.00	FORTRESS TRANS INFRST COM			95,790		169,440
		5,000.00	USD PARTNERS LP COM UT REP			56,643		29,000
						196,881		253,370		0.23	%

Transportation Infrastructure		7,500.00	GRUPO AEROPORTUARIO DE SPO			230,257		372,975
		2,500.00	GRUPO AEROPORTUARIO DE SPO			271,470		425,250
		1,000.00	GRUPO AEROPUERTO DEL P SPO			64,309		102,700
						566,036		900,925		0.80	%

TOTAL INDUSTRIALS						1,393,750		1,942,108		1.73	%

BMC FUND, INC.
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
April 30, 2021

								Percent
Sectors and	Shares		Company Name			Market		of Net
Industries	Held			Cost		Value		Assets

COMMON STOCKS:
INFORMATION TECHNOLOGY

Hardware & Equipment		10,200.00	CISCO SYSTEMS INC		400,934		519,282
		9,500.00	CORNING INC COM		215,855		419,995
					616,789		939,277		0.84	%

Software & Services		1,500.00	CITRIX SYS INC COM		164,058		185,775
		1,250.00	MICROSOFT CORP COM		122,462		315,225
		4,500.00	ORACLE CORP COM		189,460		341,055
					475,980		842,055		0.75	%

Technology Hardware & Equipment		12,000.00	APPLE INC COM		411,814		1,577,520
		1,500.00	INTEL CORP COM		75,707		86,295
		1,000.00	NETAPP INC COM		41,930		74,690
		2,700.00	SEAGATE TECHNOLOGY SHS		108,598		250,668
					638,049		1,989,173		1.78	%

TOTAL INFORMATION TECHNOLOGY					1,730,818		3,770,505		3.37	%

MATERIALS		3,000.00	CHEMOURS CO COM		48,440		90,600
		2,026.00	DOW CHEM CO COM		74,429		126,625
		526.00	DU PONT E I DE NEMOURS COM		48,574		40,560
		500.00	ECOLAB INC COM		52,645		112,060
		2,400.00	F M C CORP COM		192,996		283,776
		500.00	MITSUI & CO LTD SPONSORED		182,130		210,375
		5,000.00	TECK RESOURCES LTD CL B		109,332		105,850
TOTAL MATERIALS					708,546		969,846		0.87	%

BMC FUND, INC.
SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
April 30, 2021

								Percent
Sectors and	Shares		Company Name			Market		of Net
Industries	Held			Cost		Value		Assets

COMMON STOCKS:
REAL ESTATE
Real Estate		4,500.00	BROADMARK RLTY CAP INC COM		50,675		48,510
		2,700.00	BROOKFIELD PPTY REIT I CL		47,426		48,559
		3,000.00	CYRUSONE INC COM		195,359		218,490
		2,000.00	DIGITAL RLTY TR INC COM		221,501		308,620
		12,000.00	EASTERLY GOVT PPTYS COM		214,136		257,160
		79,765.00	EQUITY COMWLTH COM SH BEN		2,223,635		2,297,232
		3,500.00	GEO GROUP INC COM		83,062		19,285
		10,000.00	HANNON ARMSTRONG SUST COM		153,105		524,000
		6,500.00	IRON MTN INC NEW COM		209,420		260,780
		4,000.00	LTC PPTYS TR INC COM R		159,295		170,120
		15,000.00	MEDICAL PPTYS TR INC COM		185,835		330,750
		2,000.00	OMEGA HEALTHCARE INVS COM		60,291		76,000
		6,000.00	PHYSICIANS RLTY TR COM		112,435		112,380
		3,000.00	TANGER FACTORY OUTLET COM		57,315		52,350
		3,000.00	TRITON INTL LTD CL A		143,190		150,510
		3,000.00	VENTAS INC COM		195,931		166,380
		500.00	W P CAREY & CO LLC COM		31,927		37,445
					4,344,538		5,078,571		4.53	%

REIT		500.00	PROLOGIS TR SH BEN INT		41,266		58,265
					41,266		58,265		0.05	%

TOTAL REAL ESTATE					4,385,804		5,136,836		4.58	%

UTILITIES		500.00	AMERICAN STS WTR CO COM		19,159		39,595
		166.00	BROOKFIELD INFRASTRUCT SB VTG SHS A		-		11,957
		1,500.00	BROOKFIELD INFRASTRUCTURE		67,167		80,655
		6,500.00	DOMINION RES INC VA COM		330,756		519,350
		3,387.00	DUKE ENERGY CORP COM		284,791		341,037
		1,000.00	ENTERGY CORP NEW COM		69,388		109,290
		1,000.00	NEXTERA ENERGY INC COM		81,459		77,510
		5,000.00	SOUTHERN CO COM		209,871		330,850
		2,256.00	WEC ENERGY GROUP INC COM		89,900		219,216
TOTAL UTILITIES					1,152,491		1,729,460		1.54	%

RIGHTS ATTACHED TO COMMON STOCKS
		725.00	OCCIDENTAL PETROLEUM CORP COM		-		7,816
					-		7,816		0.01	%

TOTAL INVESTMENTS IN COMMON STOCKS				$	35,139,352	$	46,779,857		41.75	%

BMC FUND, INC.

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

April 30, 2021

		Coupon											Percent
		Interest			Maturity		Shares				Market		of Net
Company Name		Rate			Date		Held		Cost		Value		Assets

PREFERRED STOCKS:
CAPITAL ONE FINANCIAL CORP FIXED-FLOATING	4, 5		5.550	%		N/A		100,000.00		83,034		99,220
CIT GROUP INC-FLOATING	4, 5		5.800	%		N/A		250,000.00		252,500		258,750
CITIGROUP INC FIXED-FLOATING	4, 5		5.950	%		N/A		350,000.00		341,347		350,350
COMPASS DIVERSIFIED HOLDINGS PFD	4, 5		7.250	%		N/A		7,500.00		174,029		190,500
COMPASS DIVERSIFIED HOLDINGS	4, 5		7.880	%		N/A		9,000.00		208,121		232,470
GENERAL ELECTRIC CO PERP PFD SER B FIXED-FLOATING	4, 5		4.100	%		N/A		250,000.00		250,000		216,375
JP MORGAN CHASE & CO FIXED-FLOATING	4, 5		5.000	%		N/A		150,000.00		149,992		150,187
JP MORGAN CHASE & CO PFD	4, 5		4.625	%		N/A		150,000.00		148,409		150,694
NEW YORK MTG TR INC PFD	4		7.750	%		N/A		2,000.00		49,337		48,840
PNC FINANCIAL SERVICES GROUP INC-FLOATING	4, 5		4.850	%		N/A		250,000.00		257,440		262,188
SUNTRUST BANKS INC-FLOATING	4, 5		5.050	%		N/A		250,000.00		258,750		258,992

TOTAL INVESTMENTS IN PREFERRED STOCKS									$	2,172,959	$	2,218,566	1.98	%

BMC FUND, INC.

SCHEDULE OF INVESTMENTS (Concluded) (Unaudited)

April 30, 2021

				Market		Percent of
	Company Name	Cost		Value		Net Assets

Short-term Investments	MFB NI Treasury Money Market Fund	$	14,562,735	$	14,562,735		13.00	%

TOTAL INVESTMENTS - MARKET VALUE					109,888,520		98.07	%

TOTAL OTHER ASSETS IN EXCESS OF LIABILITIES					2,161,472		1.93	%

TOTAL NET ASSETS				$	112,049,992		100.00	%

¹In default

²Market value determined by the Fund's Board of Directors

³Non-income producing security

⁴Perpetual security. Maturity date is not applicable.

⁵Variable rate security. The rate shown is the coupon as of the end of the reporting period.

BMC FUND, INC.
SCHEDULE OF OPEN WRITTEN OPTION CONTRACTS (Unaudited)
April 30, 2021

											Percent
		Contracts						Market			of Net
Company Name		Held			Cost			Value			Assets
CALL OPTIONS:
APPLE INC CALL OPTION, $150 EXP 7/16/21	3		(25.00	)		(17,336	)		(2,775	)
COCA-COLA CO CALL OPTION, $52.50 EXP 5/21/21	3		(10.00	)		(1,477	)		(1,690	)
MERCK & CO INC CALL OPTION, $80 EXP 7/16/21	3		(15.00	)		(2,768	)		(960	)
NEXTERA ENERGY CALL OPTION, $85 EXP 6/18/21	3		(10.00	)		(4,129	)		(300	)
PETMED EXPRESS CALL OPTION, $45 EXP 6/18/21	3		(10.00	)		(2,407	)		(150	)
STURM RUGER CALL OPTION, $75 EXP 7/16/21	3		(15.00	)		(4,777	)		(1,650	)
TOTAL CALL OPTIONS - LIABILITIES						(32,894	)		(7,525	)	-0.01	%

PUT OPTIONS:
CONSTELLATION PUT OPTION, $205 EXP 10/15/21	3		(20.00	)		(12,969	)		(9,800	)
DUKE ENERGY CO PUT OPTION, $95 EXP 10/15/21	3		(30.00	)		(10,154	)		(8,850	)
FIREEYE INC PUT OPTION, $17 EXP 6/18/21	3		(30.00	)		(3,554	)		(600	)
GENERAC HOLDINGS PUT OPTION, $220 EXP 5/21/21	3		(10.00	)		(11,484	)		(340	)
LAKELAND INDS PUT OPTION, $25 EXP 7/16/21	3		(30.00	)		(11,354	)		(3,300	)
MARTIN MARIETTA PUT OPTION, $290 EXP 7/16/21	3		(10.00	)		(11,285	)		(800	)
MARTIN MARIETTA PUT OPTION, $300 EXP 7/16/21	3		(5.00	)		(7,642	)		(575	)
NEXTERA ENERGY PUT OPTION, $75 EXP 6/18/21	3		(25.00	)		(8,461	)		(3,750	)
PETMED EXPRESS PUT OPTION, $25 EXP 6/18/21	3		(20.00	)		(3,074	)		(1,340	)
SPDR S&P 500 TR PUT OPTION, $350 EXP 5/21/21	3		(35.00	)		(26,021	)		(840	)
VIRTU FINL INC PUT OPTION, $25 EXP 6/18/21	3		(20.00	)		(3,774	)		(200	)
WALGREENS BOOT PUT OPTION, $42.50 EXP 7/16/21	3		(25.00	)		(6,789	)		(625	)
WEYERHAEUSER PUT OPTION, $30 EXP 7/16/21	3		(25.00	)		(2,712	)		(1,250	)
TOTAL PUT OPTIONS - LIABILITIES						(119,273	)		(32,270	)	-0.03	%

TOTAL CALL AND PUT OPTIONS - LIABILITIES					$	(152,167	)	$	(39,795	)	-0.04	%

BMC FUND, INC.

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

April 31, 2021

ASSETS AT MARKET VALUE:
Investment securities (cost - $86,532,573)	$	109,888,520
Cash		2,106,059
Receivables, accrued interest and dividends		118,785
Other assets		47,809

Total assets		112,161,173

LIABILITIES:
Call and put options written, at fair value (premiums received $152,167)		39,795
Accounts payable and accrued expenses		1,155
Payable to broker		-
Payable to custodian		14,533
Accounts payable to affiliates		55,698

Total liabilities		111,181

NET ASSETS AT APRIL 30, 2021 - EQUIVALENT TO $22.71 PER SHARE ON 4,933,281 SHARES OF COMMON STOCK OUTSTANDING	$	112,049,992

SUMMARY OF SHAREHOLDERS' EQUITY:
Common stock, par value $5.00 per share - authorized 70,000,000 shares; outstanding, 4,933,281 shares	$	24,666,405
Retained earnings prior to becoming an investment company		65,065,969
Undistributed net investment income		880,870
Realized gain on investments sold and foreign currency transactions		1,519,877
Undistributed nontaxable gain		5,194,714
Net unrealized appreciation of investments and call and put options written		14,722,157

NET ASSETS APPLICABLE TO COMMON STOCK OUTSTANDING	$	112,049,992

See accompanying notes to financial statements.

BMC FUND, INC.

STATEMENT OF OPERATIONS

Six Months Ended April 30, 2021

INVESTMENT INCOME:
Income:
Interest - fixed income	$	137,312
Dividend income (net of $9,462 foreign tax)		880,870

Total income		1,018,182

Expenses:
Legal and professional fees		135,381
Directors' fees (Note 7)		25,250
Investment expense		53,414
Salaries and related expenses		336,027
Property and liability insurance		24,121
Depreciation expense		428
Rent		14,730
Office expense and supplies		15,126
Dues and subscriptions		14,512
Travel and entertainment		-

Total expenses		618,989

Investment income, net		399,193

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Realized gain from investments sold and foreign currency transactions		1,149,295
Realized gain from expiration or closing of options contracts written		370,582
Change in unrealized appreciation of investments and call and put options for the year		14,722,157

Net gain on investments		16,242,034

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	16,641,227

See accompanying notes to financial statements.

BMC FUND, INC.

STATEMENTS OF CHANGES IN NET ASSETS

Six Months Ended April 30, 2021 and 2020

	2021			2020

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	399,193		$	730,316
Net realized gains (losses) from investment securities sold, options and foreign currency transactions		1,519,877			(1,541,794	)
Change in unrealized appreciation of investments and call and put options written for the year		14,722,157			(5,992,446	)

Net increase (decrease) in net assets resulting from operations		16,641,227			(6,803,924	)

Distributions to shareholders from:
Net realized losses on investment securities, options and foreign currency transactions		(615,002	)		(222,989	)
Net investment income		(475,050	)		(790,450	)
Retained earnings prior to becoming an investment company		(1,376,589	)		(1,453,202	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		14,174,586			(9,270,565	)

NET ASSETS AT BEGINNING OF PERIOD		97,875,406			104,394,807

NET ASSETS AT END OF PERIOD (Including undistributed net investment income:
(2021 - $133,294, 2020 - $320,485)	$	112,049,992		$	95,124,242

See accompanying notes to financial statements.

BMC FUND, INC.

FINANCIAL HIGHLIGHTS

Six months ended April 30, 2021 and Years Ended October 31, 2020, 2019, 2018, 2017, 2016, 2015, 2014, 2013 and 2012

The following table presents financial information divided into three parts: per share operating performance, total investment return and ratios and supplemental data for the six months ended April 30, 2021 and the years ended October 31, 2020, 2019, 2018, 2017, 2016, 2015, 2014, 2013 and 2012. The first part, per share operating performance, details the changes on a per share basis of the Company's beginning net asset value to its ending net asset value. The second part, total investment return, is based on the market price of the Company's shares of stock. Part three, ratios and supplemental data, provides additional financial information related to the Company's performance.

	Six Months
	Ended
	April 30,
PER SHARE OPERATING	2021
PERFORMANCE	(unaudited)			2020			2019			2018			2017			2016			2015			2014			2013			2012
Net asset value, beginning of period	$	19.84		$	21.16		$	20.77		$	21.42		$	20.83		$	21.22		$	22.62		$	22.57		$	22.58		$	22.11
Net investment income		0.08			0.25			0.34			0.27			0.27			0.22			0.35			0.42			0.46			0.35
Net gains (losses) on investments		3.29			(0.57	)		1.05			0.08			1.32			0.39			(0.73	)		0.63			0.60			1.18
Total from investment operations		3.37			(0.32	)		1.39			0.35			1.59			0.61			(0.38	)		1.05			1.06			1.53
Less distributions:
Dividends from net investment income		0.10			0.05			0.33			0.32			0.20			0.23			0.36			0.44			0.47			0.56
Distributions from capital gains		0.12			0.28			0.08			0.37			0.35			-			0.44			0.42			0.33			0.48
Distributions from retained earnings		0.28			0.67			0.59			0.31			0.45			0.77			0.22			0.14			0.27			0.02
Total distributions		0.50			1.00			1.00			1.00			1.00			1.00			1.02			1.00			1.07			1.06
Net asset value, end of period	$	22.71		$	19.84		$	21.16		$	20.77		$	21.42		$	20.83		$	21.22		$	22.62		$	22.57		$	22.58

Per share market value, end of period¹	$	18.00		$	18.00		$	18.00		$	18.00		$	18.00		$	18.00		$	18.00		$	18.00		$	18.00		$	18.00

TOTAL INVESTMENT RETURN²		18.74	%		(1.79	)%		7.74	%		1.95	%		8.83	%		3.39	%		(2.11	)%		5.83	%		5.89	%		8.50	%

RATIOS/SUPPLEMENTAL DATA

Net assets, end of period (in thousands)	$	112,050		$	97,875		$	104,397		$	102,458		$	105,657		$	102,751		$	104,684		$	111,568		$	111,358		$	111,379
Ratio of expenses to average net assets³		0.06	%		1.12	%		1.06	%		1.01	%		1.03	%		1.07	%		0.98	%		0.97	%		0.95	%		1.01	%
Ratio of net investment income to average net assets³		0.38	%		1.21	%		1.64	%		1.28	%		1.26	%		1.06	%		1.59	%		1.83	%		2.04	%		1.57	%
Portfolio turnover rate		4.69	%		20.22	%		12.94	%		14.18	%		24.07	%		15.09	%		17.10	%		22.02	%		33.12	%		32.90	%

¹Unaudited - Based on stock trades, which are very limited, during that year.

²Unaudited - Computed as follows: income from investment operations divided by per share market value.

³Average is computed on a quarterly basis.

See accompanying notes to financial statements.

BMC FUND, INC.

NOTES TO FINANCIAL STATEMENTS

Six Months Ended April 30, 2021 (Unaudited)

ORGANIZATION

BMC Fund, Inc. (the “Fund”) is a closed-end, diversified investment company registered under the Investment Company Act of 1940, as amended. Prior to becoming a regulated investment company on April 1, 1981, BMC Fund, Inc. operated as a regular corporation. The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

SIGNIFICANT ACCOUNTING POLICIES

A. Investment Valuations – The investment securities are stated at fair value as determined by closing prices on national securities exchanges. Investment securities include corporate bonds, mutual funds, and common and preferred stocks.

The investments in limited partnerships, other investments and venture capital are stated at estimated fair value as determined by the management of these investments and are approved by the Fund’s Valuation Committee after giving consideration to historical and projected financial results, economic conditions, financial condition of investee and other factors and events subject to change, and ratified by the Fund’s Board of Directors. Because of the inherent uncertainty of those valuations, the estimated values may differ significantly from the values that would have been used had a ready market value for the investments existed, and these differences could be material.

B. Basis of Presentation - The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) as detailed in the Financial Accounting Standards Board’s Accounting Standards Codification. The Fund evaluates subsequent events through the date of filing with the Securities and Exchange Commission (“SEC”).

C. Investment Transactions – Investment transactions are accounted for on the date the order to buy or sell is executed. Realized gains and losses on investments are determined on the basis of specific identification of issues sold or matured. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Discounts and premiums on securities purchased are amortized over the lives of the respective securities. Realized gains and losses on foreign currency transactions are included with realized gains and losses on investments.

For the six months ended April 30, 2021, the Fund purchased and sold securities in the amount of $8,176,083 and $4,758,881 (excluding short-term investments and options), respectively.

BMC FUND, INC.

NOTES TO FINANCIAL STATEMENTS

Six Months Ended April 30, 2021 (Unaudited)

SIGNIFICANT ACCOUNTING POLICIES (Continued)

D. Option Writing – When the Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability and is subsequently adjusted to the current fair value of the option written. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gains from investments. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or, if the premium is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether the Fund has realized a gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Fund. The Fund as writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option.

E. Income Taxes – No federal tax provision is required as it is the Fund’s policy to comply with the provisions of Subchapter M of the Internal Revenue Code of 1954, as amended, including the distribution to its shareholders of substantially all of its income and any capital gains not offset by capital losses. Also, no state income tax provision has been provided because the states in which the Fund has income recognize the tax exempt status of a regulated investment company.

The Fund did not have an accrual for uncertain tax positions as deductions taken and benefits accrued are based on widely understood administrative practices and procedures, and are based on clear and unambiguous tax law. Tax returns for all years 2017 and thereafter are subject to possible future examinations by tax authorities.

F. Dividend Policy – It is the Fund’s policy to pay dividends during the year in sufficient amounts to meet the requirements to maintain its status as a regulated investment company.

G. Cash and Short-Term Investments – For purposes of financial reporting, the Fund considers all investments at financial institutions with original maturities of three months or less to be equivalent to cash. Short-term money market investments managed by third party investors are included in investment securities.

H. Use of Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

BMC FUND, INC.

NOTES TO FINANCIAL STATEMENTS

Six Months Ended April 30, 2021 (Unaudited)

SIGNIFICANT ACCOUNTING POLICIES (Continued)

I. Fair Value Measurements – Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the "exit price") in an orderly transaction between market participants at the measurement date.

In determining fair value, the Fund uses various valuation techniques. A fair value hierarchy for inputs is used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs are to be used when available. Valuation techniques that are consistent with the market or income approach are used to measure fair value. The fair value hierarchy is categorized into three levels based on the inputs as follows:

Level 1 - Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Valuations based on inputs, other than quoted prices included in Level 1, that are observable either directly or indirectly.

Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

Fair value is a market-based measure, based on assumptions of prices and inputs considered from the perspective of a market participant that are current as of the measurement date, rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, the Fund's own assumptions are set to reflect those that market participants would use in pricing the asset or liability at the measurement date.

The availability of valuation techniques and observable inputs can vary from investment to investment and are affected by a wide variety of factors, including the type of investment, whether the investment is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Because of the inherent uncertainty of valuation, those estimated values may be materially higher or lower than the values that would have been used had a ready market for the investments existed. Accordingly, the degree of judgment exercised by the Fund in determining fair value is greatest for investments categorized in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement.

BMC FUND, INC.

NOTES TO FINANCIAL STATEMENTS

Six Months Ended April 30, 2021 (Unaudited)

SIGNIFICANT ACCOUNTING POLICIES (Continued)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s investments as of April 30, 2021.

Asset Description (1)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Fixed Income	$	3,791,350	$	-	$	-	$	3,791,350
Bond Mutual Funds		3,020,287		-		-		3,020,287
Stock Mutual Funds		7,573,405		-		-		7,573,405
Common Stocks – Publicly Traded		46,779,857		-		-		46,779,857
Preferred Stocks – Publicly Traded		2,218,566		-		-		2,218,566
Cash and Cash Equivalents		14,562,735		-		-		14,562,735
Limited Partnerships – Measured at NAV (2)		-		-		-		31,942,320
Total Investments	$	77,946,200	$	-	$	-	$	109,888,520


Liability Description (1)	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Call Options	$	(7,525	)	$	-	$	-	$	(7,525	)
Put Options		(32,270	)		-		-		(32,270	)
Total Investments	$	(39,795	)	$	-	$	-	$	(39,795	)


	(1)	There were no transfers between Level 1, Level 2, and Level 3 during the period.

(2)

Certain investments measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in these tables are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Schedule of Investments.

BMC FUND, INC.

NOTES TO FINANCIAL STATEMENTS

Six Months Ended April 30, 2021 (Unaudited)

SIGNIFICANT ACCOUNTING POLICIES (Continued)

Correction of an Error – During the six months ended April 30, 2021, the Fund determined that the cost basis of one investment was understated at October 31, 2020 by $1,204,958. Due to immateriality, the Fund corrected the cost basis of that investment as of October 31, 2020 (as reported $158,745, as corrected $1,363,703) in the Schedule of Investments. Within the Summary of Shareholders Equity included in the Statement of Assets and Liabilities the Fund reclassified $1,204,958 from Net unrealized appreciation of investments and call and put options written (as reported $8,746,162, as corrected $7,541,204) to Realized gain (loss) on investments sold and foreign currency transactions (as reported $(648,656), as corrected $556,302). This reclassification had no impact on Net Assets Applicable to Common Stock Outstanding. The impact of the error in the Statement of Operations for the year ended October 31, 2020 was a reclassification of a $1,204,958 Realized loss from investments sold and foreign currency transactions (as reported ($1,493,730), as corrected ($288,772)) to the Change in unrealized appreciation of investments and call and put options for the year (as reported ($2,150,884), as corrected ($3,355,842)). The impact of the error in the Statement of Changes in Net Assets for the year ended October 31, 2020 was a reclassification of a $1,204,958 Realized loss from investments sold and foreign currency transactions (as reported ($648,656), as corrected $556,302) to the Change in unrealized appreciation of investments and call and put options for the year (as reported ($2,150,884), as corrected ($3,355,842)). The correction of the error did not change the Net loss on investments and the Net Decrease in Net Assets Resulting From Operations for the year ended October 31, 2020.

Investments in Limited Partnerships - As of April 30, 2021, the Fund was invested in limited partnerships. Each of these investments has certain restrictions with respect to rights of withdrawal by the Fund as specified in the respective agreements. Generally, the Fund is required to provide notice of its intent to withdraw after the investment has been maintained for a certain period of time. The management agreements of the limited partnerships provide for compensation to the managers in the form of fees ranging from 0.5% to 2% annually of net assets and performance incentive allowances or fees ranging from 10% to 20% of net profits earned.

BMC FUND, INC.

NOTES TO FINANCIAL STATEMENTS

Six Months Ended April 30, 2021 (Unaudited)

SIGNIFICANT ACCOUNTING POLICIES (Continued)

The following table summarizes the Fund's investments in other limited partnerships as of April 30, 2021. The Fund's investments in limited partnerships have certain redemption and liquidity restrictions which are described in the below table.

Investment Limited Partnerships	Redemptions Notice Period	Redemptions Permitted	Liquidity Restrictions
BAM Credit Opportunities Fund	N/A	N/A	See below (8)
Elliott Associates, LP	60 days	Jan. 1 or July 1	See below (1) (2)
Graham Institutional Partners, LP	60 days	Annually	See below (3)
Greenlight Masters Qualified, LP	105 days	December 31	See below (4)
Infinity Premier Fund, LP	95 days	Quarterly	See below (5) (6)
Litespeed Partners, LP	45 days	Quarterly	See below (6)
Morrocroft Special Opportunity Fund II, LP	90 days	Quarterly	See below (4) (7)
Mudrick Distressed Opportunity Drawdown Fund II, L.P.	N/A	N/A	See below (8)
Oaktree Enhanced Income Fund II, LP	N/A	N/A	See below (8)
Old Well Emerging Markets Fund, LP	60 days	Quarterly	See below (9)
Privet Fund LP	90 days	Quarterly	See below (10)
Segra Resource Onshore Partners, LP	60 days	Quarterly	See below (11)
Stark Investments LP	N/A	N/A	See below (12)
Virgo Societas Partnership III (Onshore), LP	N/A	N/A	See below (13)
Walnut Investment Partners, LP	N/A	N/A	See below (14)
Worldwide Opportunity Fund (Cayman), Ltd.	90 days	June 30 or Dec. 31	See below (15)

(1) There is a gate provision if requests for redemptions would cause a decline in aggregate net asset value of 20%. In addition to the 20% withdrawal limitation, a partner may not withdraw more than 25% of the capital in its Class B capital account on any withdrawal date.

(2) There is a capital surcharge of 1 3/4% for a partial or full withdrawal which may be waived in whole or in part.

(3) Minimum withdrawal of $500,000 or for all of Limited Partner’s interest in the Partnership, if less. A Limited Partner may not take a partial withdrawal if it would cause the Partnership’s aggregate net asset value to be less than $5,000,000. General Partner may permit a smaller withdrawal or waive the latter requirement.

(4) There is a gate provision regarding requests for redemptions, subject to various unspecified terms.

(5) Withdrawals of capital contributed less than 12 months preceding the withdrawal date will be subject to a reduction equal to 3% of the requested withdrawal amount.

(6) There is a gate provision if aggregate requested withdrawal amounts exceed 25% of the aggregate partner capital of the partnership, each limited partner who has submitted a timely request will receive a pro rata portion of the requested withdrawal, and any balance will be considered a timely withdrawal request with respect to the next withdrawal date.

(7) Minimum withdrawal is $100,000, and subsequent withdrawals may only be made in increments of $100,000. Withdrawal maximum limits: up to 1/5 of investment on initial withdrawal date, up to 1/4 of the remainder as of any subsequent withdrawal date, up to 1/3 of the remainder as of any subsequent withdrawal date, up to 1/2 of the remainder as of any subsequent withdrawal date, and up to the remainder as of any subsequent withdrawal date.

(8) Redemptions are not permitted.

(9) Withdrawals of capital contributions may be up to ¼ of the balance of partner’s capital account.

(10) Redemptions from portions of capital balance attributable to special investments are permitted only in the general partner’s discretion.

(11) There is a gate provision regarding requests for more than 25% of its capital account.

(12) In liquidation.

(13) Redemptions are not permitted. Unless the general partner elects an earlier date, the partnership expired April 17, 2019, which is the seventy-two month anniversary date of the initial closing of April 17, 2013, subject to a discretionary extension by the general partner of up to two consecutive additional one-year periods.

(14) Walnut is in receivership.

(15) Partial redemption may not reduce capital account below the lesser of $100,000 or 1% of the capital accounts of all investors.

BMC FUND, INC.

NOTES TO FINANCIAL STATEMENTS

Six Months Ended April 30, 2021 (Unaudited)

SIGNIFICANT ACCOUNTING POLICIES (Continued)

The Fund is subject to credit risk to the extent that the investment managers of the underlying limited partnerships are unable to fulfill their obligations according to their organizational documents. The Fund, through its investments in limited partnerships, is subject to risk inherent when investing in securities and private investments. In connection with its investments, the Fund is subject to the market and credit risk of those investments held or sold short by the limited partnerships. Due to the nature of the Fund's investments, the above described risks are limited to the Fund's investment balances and unfunded commitments to limited partnerships.

UNREALIZED APPRECIATION AND DEPRECIATION ON INVESTMENTS

(tax basis)

The amount of net unrealized appreciation (depreciation) and the cost of investment securities for tax purposes, including short-term securities as April 30, 2021, were as follows:

Gross appreciation (excess of value over tax cost)	$	30,005,466
Gross depreciation (excess of tax cost over value)		(6,649,519	)
Net unrealized appreciation	$	23,355,947
Cost of investments for income tax purposes	$	86,532,573

OPTIONS WRITTEN

As of April 30, 2021, portfolio securities valued at $698,720 were held in escrow by the custodian as cover for call options written by the Fund.

Transactions in options written during the six months ended April 30, 2021 were as follows:

	Number of Contracts			Premiums Received
Options outstanding at October 31, 2020		745		$	447,627
Options written		686			274,099
Options terminated in closing purchase transactions		(263	)		(148,295	)
Options expired		(843	)		(421,264	)
Options exercised		0			0
Options outstanding at April 30, 2021		325		$	152,167

PLEDGED COLLATERAL

As of April 30, 2021, cash in the amount of $3,174,750 was pledged as collateral for put options sold by the Fund.

BMC FUND, INC.

NOTES TO FINANCIAL STATEMENTS

Six Months Ended April 30, 2021 (Unaudited)

DISTRIBUTIONS TO SHAREHOLDERS

Classifications of distributions, net investment income/(loss) and net realized gain/(loss) may differ for financial statement and tax purposes. The character of distributions made during the year from net investment income or net realized gains may differ from its ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or realized gain was recorded by the Fund.

On December 10, 2020, a distribution of $0.25 per share was paid to shareholders of record on November 25, 2020.

On March 10, 2021, a distribution of $0.25 per share was paid to shareholders of record on February 25, 2021.

The tax character of distributions paid during 2021 and 2020 was as follows:

	2021		2020
Distributions paid from:
Ordinary income	$	475,050	$	790,450
Long-term capital gains		615,002		222,989
Retained earnings prior to becoming an investment company		1,376,589		1,453,202
	$	2,466,641	$	2,466,641

7.	ADVISORY BOARD AND REMUNERATION OF DIRECTORS

The Fund does not have an advisory board. The independent directors are paid an annual fee of $3,000 plus $1,000 for each meeting attended in person or $500 for each meeting attended by telephone. Each such independent director is paid an additional $1,000 for each day attending a committee meeting in person or $500 by telephone other than on the date of a board meeting. In addition, all directors are reimbursed for their reasonable expenses incurred in attending meetings.

RELATED PARTIES

The Fund leases office space from Broyhill Investments, Inc., which is controlled by M. Hunt Broyhill, an officer of BMC Fund, Inc. The expense associated with this related party lease for the six months ended April 30, 2021 amounted to $14,730. Broyhill Investments, Inc. also acts as a common paymaster for payroll and other shared services. This service is provided at no cost to the Fund. All amounts paid by Broyhill Investments, Inc. on behalf of the Fund are reimbursed by the Fund. The outstanding payable related to these transactions at April 30, 2021 was $55,698.

M. Hunt Broyhill is a director of Capitala Finance Corp., in which the Fund is invested.

BMC FUND, INC.

NOTES TO FINANCIAL STATEMENTS

Six Months Ended April 30, 2021 (Unaudited)

IMPAIRED SECURITIES

Selected securities at the end of the year have significant investment impairment issues. These selected securities have an aggregate cost basis of $3,707,973 and have been assigned no value at April 30, 2021.

There were no impairment charges during the six months ended April 30, 2021. The Fund received $18,384 which was treated as a return of capital.

10.

SUPPLEMENTAL INFORMATION

M. Hunt Broyhill, President, and Christopher R. Pavese, CFA, Vice President and Chief Investment Officer, are primarily responsible for the day-to-day management of the Fund’s portfolio. Mr. Hunt Broyhill has had such responsibility since 2001. He has been engaged in asset management for various institutions and high net worth individuals for more than five years. Prior to joining the Fund on March 1, 2005, Mr. Pavese was a Vice President and Portfolio Manager at JP Morgan Private Bank from January 1999 until February 2005. At JP Morgan, Mr. Pavese was engaged in asset management, portfolio strategy, and asset allocation for high net worth individuals, personal trusts, endowments and foundations.

11.

SUPPLEMENTAL PROXY INFORMATION AND 2021 ANNUAL MEETING OF SHAREHOLDERS

The Annual Meeting of Shareholders of BMC Fund, Inc. was held on February 19, 2021 at the Fund’s offices in Lenoir, North Carolina. The meeting was held for the following purposes:

1. To elect the following 5 directors to serve as follows:

Director	Term	Expiring
Dale M. Brown	1 year	2022
R. Donald Farmer	1 year	2022
David B. Gilbert	1 year	2022
Samuel P. McNeil, Jr.	1 year	2022
Mark E. Roberts	1 year	2022

2. To vote upon such other business as may come before the meeting.

The directors of the Fund were elected for a one-year term at the 2021 annual meeting of shareholders of the Fund.

BMC FUND, INC.

DIRECTORS AND OFFICERS

Six Months Ended April 30, 2021 (Unaudited)

The following table provides information about the directors and the officers of the Fund:

Name, Address and Age	Position(s) Held with Fund	Length of Time Served	Principal Occupation(s) During Past 5 Years and Other Biographical Information	Other Directorships Held by Director During Past 5 Years
David Gilbert (78)2734 Robinhood Road Winston-Salem, NC 27104	Director Chairman	Since 2021 Since 2021	Executive Vice President and Wealth Manager, Sheets Smith Wealth Management (1994-present)	Piedmont Select Equity Fund (Closed 2018)

Dale M. Brown (68) 131 Newcomb Lane Lewisville, NC 27023	Director	Since 2021	Salem Investment Counselors, a financial advisory firm (1988-present); President (2001-2017); Executive Vice President (2017-present); Chairman of the Board (2020-present)	None

R. Donald Farmer (73) 375 River Haven Drive Taylorsville, NC 28681	Director	Since 2008	President of Don Farmer, CPA, PA, an independent public accounting firm and producer of federal income tax seminars and seminar materials (1984-present)	None

Samuel P. McNeil, Jr (63)2310 Rising Sun Lane Matthews, NC 28104	Director	Since 2021	Managing Director, Chief Executive Officer and Co-owner of River Capital Partners LLC, an investment manager (2001-present)	None

Mark E. Roberts (57) 511 Tarrytown Center Rocky Mount, NC 27804	Director	Since 2014	Chief Investment Officer of Ironsides Asset Advisors, LLC, a registered investment advisory firm (2009-present); Chief Investment Officer of Biltmore Family Offices, LLC (2013- 2017); former Director of Global Equities and Hedged Strategies, State of North Carolina Retirement System (2003-2009)	None

BMC FUND, INC.

DIRECTORS AND OFFICERS

Six Months Ended April 30, 2021 (Unaudited)

Name,
Address and Age

Position(s)
Held
with Fund

Length of
Time
Served

Principal
Occupation(s)
During Past 5 Years and
Other Biographical Information

Other
Directorships
Held by
Director
During
Past 5 Years

M. Hunt Broyhill (57)1870 9^th Street Court, NW Hickory, NC 28601	Director Chairman President Vice President	2008-2021 2014-2021 Since 2007 2001-2007	Former Chairman of the Fund (2014-2021); President of the Fund since February 2007; former Vice President of the Fund (2001-2007); Chief Executive of Broyhill Asset Management, LLC (1997-present); Director and President of Broyhill Investments, Inc. (1988-present); Director (1983-present) and President of Broyhill Family Foundation, Inc. (1988-present); Manager and Vice President of P. B. Realty, LLC (formerly P. B. Realty, Inc.) (1995-present)	Capitala Finance Corp. (Feb. 2013-present)

Danny A. Gilbert (54) 603 Stonecroft Court SE Lenoir, NC 28645	Vice President Chief Financial Officer	Since 2018 Since 2020	Vice President (since February 2018) and Chief Financial Officer of the Fund since January 2020; Chief Compliance Officer of the Fund (June 2017-December 2019); Vice President of Broyhill Family Foundation, Inc. (2019-present); Vice President of P. B. Realty, LLC (formerly P. B. Realty, Inc.) (2019-present); former Assistant City manager and Finance Director, City of Lenoir, NC (2006-2016)	None

Christopher R. Pavese (44) 166 Pleasant Point Drive Hickory, NC 28601	Vice President Chief Investment Officer	Since 2013 Since 2011	Vice President (since February 2013) and Chief Investment Officer of the Fund since March 2011; Portfolio Manager of the Fund (2005-2011); Chief Investment Officer of Broyhill Asset Management, LLC (2008-present)	None

Alan R. Deal (56) 5304 Grace Drive Hickory, NC 28601	Chief Compliance Officer	Since 2020	Chief Compliance Officer of the Fund since January 2020; former Controller, Protect Plus and Imagine One Companies (August 2002-April 2019)	None

BMC FUND, INC.

DIRECTORS AND OFFICERS

Six Months Ended April 30, 2021 (Unaudited)

Name,
Address and Age

Position(s)
Held
with Fund

Length of
Time
Served

Principal
Occupation(s)
During Past 5 Years and
Other Biographical Information

Other
Directorships
Held by
Director
During
Past 5 Years

Wendy S. Sims (35)
814 Rockhouse Way SE
Lenoir, NC 28645

Secretary and Treasurer

Since 2018

Secretary and Treasurer of the Fund since December 2018; Secretary and Treasurer of Broyhill Investments, Inc. (December 2018-present); Secretary and Treasurer of P. B. Realty, LLC (formerly P. B. Realty, Inc.) (December 2018-present); Assistant Secretary and Assistant Treasurer of the Fund (August 2018-December 2018); Secretary and Treasurer of Broyhill Family Foundation, Inc. (2019-present); Senior Inventory Fulfillment Specialist, Lowe’s Companies, Inc. (October 2012- March 2018)

None

BMC FUND, INC.

ADDITIONAL INFORMATION

Six Months Ended April 30, 2021 (Unaudited)

Proxy Voting - The policies and procedures that the Fund uses to determine how to vote proxies relating to its portfolio securities are available without charge, upon request, by calling 828-758-6100; on the Fund’s website at http://www.bmcfund.com; and on the Securities and Exchange Commission’s website at http://www.sec.gov.

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 828-758-6100, and on the SEC’s website at http://www.sec.gov (see Form N-PX).

Portfolio Holdings - The Fund files a complete schedule of its portfolio holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Fund’s Form N-Q filings are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the SEC’s Public Reference Room may be obtained by calling 1-202-551-8090.

Item. 2. Code of Ethics.

N/A

Item 3. Audit Committee Financial Expert.

N/A

Item 4. Principal Accountant Fees and Services.

N/A

Item 5. Audit Committee of Listed Registrants.

N/A

Item 6. Investments.

Included as a part of the report to shareholders filed under Item 1.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

N/A

Item 8. Portfolio Managers of Closed-End Investment Companies.

N/A

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

None

Item 10. Submission of Matters to a Vote of Security Holders.

N/A

Item 11. Controls and Procedures.

Within the 90 days prior to the date of this report, the Registrant's management carried out an evaluation, under the supervision and with the participation of Registrant's President and Chief Financial Officer, of the effectiveness of the Registrant's disclosure controls and procedures pursuant to Rule 30a-3(b) of the Investment Company Act of 1940. Based upon the evaluation, the President and Chief Financial Officer concluded as of a date within 90 days of the filing of this report that the Registrant's disclosure controls and procedures are effective in timely alerting them to material information relating to the Registrant required to be included in the Registrant's periodic SEC filings.

There were no significant changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the second fiscal quarter of the period covered by the report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

N/A

Item 13. Exhibits.

(a)(1) N/A

(a)(2) Certifications.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BMC Fund, Inc.

By

/s/ Danny A. Gilbert
Danny A. Gilbert
Vice President and
Chief Financial Officer

Date: July 6, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By

/s/ M. Hunt Broyhill
M. Hunt Broyhill
Chairman and President

Date: July 6, 2021

By

/s/ Danny A. Gilbert
Danny A. Gilbert
Vice President and
Chief Financial Officer

Date: July 6, 2021

BMC Fund N-CSRSCertified semi-annual shareholder report (management investment company)